Property & Housing
Housing associations Abri (58,000+ homes) and Curo (14,000+ homes) announced merger talks on 1 July 2026 that would create a 73,000-home landlord serving 142,000 customers, making it the UK's 13th largest housing association by turnover. A full business case and board approvals are still required, with a decision expected later in 2026.
Last reviewed 3 July 2026
The two organisations have different financial standing: Abri holds top-tier G1/V1 regulatory grades, while Curo carries a lower V2 viability grade and reported a deficit in its last full year. Around £520 million of secured bonds tied to the two groups are in focus as the talks progress.
Key Facts
- Combined size if merger proceeds: 73,000+ homes, 142,000 customers, south and south west England
- Abri: 58,000+ homes, G1/V1 regulatory grades (top tier), £477m turnover, £123m operating surplus (2025-26, unaudited)
- Curo: 14,000+ homes, C1/G1/V2 grades, reported a £6.5m deficit on £151.4m turnover (year to March 2025)
- Combined 2024-25 revenue: £582 million; more than 1,000 homes completed together in that year
- £520 million of secured bonds (Radian Capital and Yarlington Treasury Services) are tied to the talks
- Would be Abri's third merger in three years, following Silva Homes (2023) and Octavia (2024)
What was announced
On 1 July 2026, the boards of housing associations Abri Group and Curo Group announced they are in talks to form a new partnership. Abri, based in Hampshire, owns and manages more than 58,000 homes across southern England. Curo, based in Bath, owns and manages more than 14,000 homes, primarily across Bath, Bristol, Somerset, Gloucestershire and Wiltshire. If the merger proceeds, the combined organisation would manage more than 73,000 homes and community assets, supporting around 142,000 customers across the south and south west of England, and would become the UK's 13th largest housing association by turnover, up from Abri's current 20th place.
Where the two organisations stand financially
The two organisations reported combined revenue of £582 million in the 2024-25 financial year and together completed more than 1,000 new homes in that period. Their financial positions differ materially. Abri holds a G1/V1 rating from the Regulator of Social Housing, its top governance and viability grades, and reported £477 million of turnover with £123 million of operating surplus in unaudited 2025-26 accounts. Curo carries a lower V2 viability grade and reported a £6.5 million deficit on £151.4 million turnover in its last full year to March 2025, partly driven by a £15.3 million impairment at its housebuilding subsidiary, Curo Enterprise, and an 11 per cent rise in operating costs to £130.2 million.
Why the debt structure matters for the deal
Neither Abri nor Curo is a listed company, so the merger talks have no direct share-price read-through. The financial markets exposure instead runs through public debt: financing vehicles Radian Capital and Yarlington Treasury Services, both linked to Abri's group structure through past mergers, have named a combined £520 million of secured bonds tied to the talks, comprising £400 million due between 2042 and 2049 and a further £120 million due 2057. That figure represents the public secured bond principal named in the relevant notices, not the two organisations' total combined debt.
What happens next
Both boards describe the announcement as the start of a process, not a completed deal. A full business case is being drawn up, which will require further due diligence, engagement with stakeholders, and separate approval from both boards before it can proceed. Curo has said residents will be formally consulted before any final decision, which both organisations expect later in 2026. If approved, this would be Abri's third merger in three years, following its 2023 acquisition of Silva Homes and its 2024 absorption of London-based Octavia, part of a stated ambition to build 20,000 new homes over the next decade and become a top-five UK housing association by scale.
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